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Blog Posts in January, 2012

The Automatic Stay: How it Stops Creditors in Bankruptcy

Posted By admin || 31-Jan-2012

The automatic stay is what stops creditors from pursuing collections against a debtor when bankruptcy is filed. In most cases, it either stops or temporarily ceases collection activity which gives you more time to handle finances. The action can be powerful against those who are at risk of eviction, foreclosure, utility disconnection and it can even disrupt wage garnishment. The automatic stay is ...

Can Payday Loans be Discharged in Bankruptcy?

Posted By admin || 31-Jan-2012

Discharging Payday Loans in Bankruptcy Payday loans allow you to borrow against your next paycheck. When you apply you submit a post-dated check for the amount you borrow including interest fees. Upon getting your paycheck you either pay the loan off in cash or give the company permission to take the funds from your bank account by cashing the check that was previously written. For many consumers, ...

Can Creditors Continue to Contact Me After My Bankruptcy Has Been Discharged?

Posted By admin || 30-Jan-2012

Once your bankruptcy filing has been completed and debt has been discharged, you would think you no longer owe on the debt and you can move forward with a clean slate. Unfortunately, some debt collectors think otherwise and want to continue their collection efforts regardless of your account being discharged by the court. In short, they should not continue with collection actions against you. They ...

Does Bankruptcy Stop Collection Attempts from the IRS?

Posted By admin || 30-Jan-2012

Stopping Collection Attempts From the IRS Through Bankruptcy It seems like everyone has an opinion about Chapter 7 bankruptcy - and they're all too willing to share it with you. From gut-wrenching assertions that you'll lose your house to fear-inducing statements about the black mark it will leave on your credit score forever, there's no denying that these opinions create an aura of fear, ...

The Five Biggest Myths About Chapter 7 Bankruptcy

Posted By admin || 27-Jan-2012

It seems like everyone has an opinion about Chapter 7 bankruptcy - and they're all too willing to share it with you. From gut-wrenching assertions that you'll lose your house to fear-inducing statements about the black mark it will leave on your credit score forever, there's no denying that these opinions create an aura of fear, uncertainty and stress regarding filing Chapter 7 bankruptcy. ...

The Right Questions to Ask Your Dallas Bankruptcy Lawyer

Posted By admin || 26-Jan-2012

When it comes to interviewing your Dallas bankruptcy lawyer, there's the right way to go about it - and then there's the way that could cause you to accidentally hire a sub-par attorney. The truth of the matter is that interviewing potential bankruptcy attorneys comes down to the power behind your questions. Ask the right ones, and you'll discover if a bankruptcy lawyer is worth your time and ...

What is the Difference between Debt Settlement and Bankruptcy?

Posted By admin || 26-Jan-2012

Differences Between Debt Settlement and Bankruptcy Dealing with debt is common among many consumers but when you have too much of it, debt can make your life miserable when it gets out of control. While there are options to help you resolve debt issues it's important to review them carefully before deciding on a process. Debt settlement and bankruptcy have similar purposes as far as helping ...

Debt Collectors Taken to Court After Harassing Widow Over Unpaid Debt

Posted By admin || 25-Jan-2012

Recent reports from multiple news outlets have highlighted a recent dispute with a senior citizen from Florida and her issues with alleged violations from a debt collection firm hired by Bank of America Corp. The Wall Street Journal (WSJ) reports a Florida woman (plaintiff) has retained legal representation and filed a lawsuit regarding collection tactics used to collect from her. Part of the ...

Chapter 13 Advantages You May Not Know About

Posted By admin || 25-Jan-2012

Advantages of a Chapter 13 Bankruptcy Many people feel that Chapter 7 bankruptcy has more advantages since it is known to give consumers a fresh start by discharging outstanding debt whereas a Chapter 13 bankruptcy allows you to reorganize your debt with a repayment structure over a three to five year period. But what some people don't realize is that Chapter 13 has advantages that may work for ...

Reviewing Your Options Before Filing Bankruptcy

Posted By admin || 25-Jan-2012

The bankruptcy process for many may actually begin long before you actually have paperwork filed with the court. Deciding whether or not to file should be reviewed beforehand and it may include talking to several professionals about your financial situation. Not only will you be reviewing your situation, you'll also be able to collect useful information that will help you determine the best ...

Common Myths about Bankruptcy

Posted By admin || 24-Jan-2012

Bankruptcy is always getting a bad wrap due to the fact that there are so many untrue statements about the process. In order to understand bankruptcy it helps to do research on the procedure. Bankruptcy has helped thousands of consumers gain control of their financial situations. Many people are quick to downplay bankruptcy as an option simply because of something they have heard that's not true. ...

What You Should Know When Considering Bankruptcy for Debt Relief

Posted By admin || 24-Jan-2012

Considering Bankruptcy for Debt Relief? Bankruptcy is a federal court proceeding that allows debtors to solve their debt issues through liquidation or reorganization. Chapter 7 allows qualifying unsecured debt to be discharged while Chapter 13 restructures debt. In order to have debt discharged, debtors are required to get credit counseling by an approved provider. Chapter 7 bankruptcy is commonly ...

Before You Contact Your Dallas Bankruptcy Attorney: Planning

Posted By admin || 24-Jan-2012

If you're ready to make 2012 the year you finally wipe your financial slate clean and start over again, then congratulations: declaring bankruptcy is one of the biggest steps you can take towards reclaiming your financial future. But before you pick up the phone to call your Dallas bankruptcy attorney, you'll need to sit down and take an honest assessment of your finances. You might think this ...

Can Bankruptcy Help Prevent Foreclosure on My Home?

Posted By admin || 23-Jan-2012

When a homeowner fails behind on mortgage payments, the lender may look to begin the legal process of getting the house sold so they can receive payment for the loan against it. Homeowners may qualify for other options such as forbearance, in helping to keep the home and stop foreclosure. If other measures have been exhausted by the homeowner, bankruptcy may be sought. Bankruptcy has helped many ...

Can I Add Another Debt After Bankruptcy Has Been Filed?

Posted By admin || 23-Jan-2012

Can I Add Another Creditor After I've Filed Bankruptcy? When you decide to declare bankruptcy you will report information about your creditors to your bankruptcy attorney. A schedule is completed that shows the names and addresses of each creditor. Usually you will have the opportunity to view the listing before it goes to court to be reviewed by the judge and if you notice that a creditor is ...

Bankruptcy and Credit Card Use: What You Need to Know

Posted By admin || 23-Jan-2012

Bankruptcy and Credit Card Usage If you're struggling under a mountain of debt, you might have already toyed with the idea of declaring Chapter 7 or Chapter 13 bankruptcy. Perhaps it was just a flitting thought, or maybe you're seriously considering it. But no matter what stage you're at in any pre-bankruptcy planning, it's vital for you to line up your proverbial ducks just in case you need to ...

Bankruptcy Basics: How to Avoid a Credit Card Dispute

Posted By admin || 20-Jan-2012

Avoiding Credit Card Disputes Under the bankruptcy laws enacted in 2005, bankruptcy petitioners need to be more cautious about their credit card use than ever before. It's not just because bankruptcy courts can dismiss bankruptcy petitions over what they deem to be overtly fraudulent use - it is because card lenders can file a dispute to block your bankruptcy petition. Understandably, credit card ...

Deciding to File Bankruptcy after Gaining Employment

Posted By admin || 20-Jan-2012

Filing Bankruptcy After Employment A lengthy period of unemployment often contributes to growing debt obligations. After finally gaining employment you feel like you have the opportunity to get your finances back on track, or at least, work toward getting your finances in better order. When you were out of work you may have explored the option of filing for bankruptcy. For some, upon gaining ...

Got Tax Problems? Bankruptcy May Be Your Solution

Posted By admin || 20-Jan-2012

Bankruptcy Can Help Resolve Your Tax Problems When it comes to tax debt, most of us believe that the only way to get the IRS off our backs is to grit our teeth and pony up the penalties. However, while common wisdom may indicate that the only certainty in life is death and taxes, that isn't always the case - especially if you resort to filing for bankruptcy to solve your tax problems. While ...

What Debts Can Be Included in a Bankruptcy Filing?

Posted By admin || 19-Jan-2012

Bankruptcy has helped many consumers who have been struggling to pay their bills get a fresh start with their finances. The option allows you to discharge or wipe away qualifying debts with a Chapter 7 bankruptcy. Chapter 13 bankruptcy will restructure your debt into a manageable repayment plan. While bankruptcy lets you include a wide range of debt, it is important to understand that certain ...

What You Should Know about Chapter 13 Bankruptcy

Posted By admin || 19-Jan-2012

Chapter 13 bankruptcy provides protection against further collection action and allows for debts to be restructured into a payment plan. The filing reorganizes debt to help a debtor pay it off within a set time period. At the end of the period, if there is an unpaid balance it may be discharged if the debt is eligible. Like Chapter 7 bankruptcy, it has the ability to give consumers a fresh start ...

Protect Your Identity During and After Bankruptcy

Posted By admin || 18-Jan-2012

Protecting Your Identity and Bankruptcy It's safe to say that filing for bankruptcy is one of the few times in your life when you'll expose every financial detail about yourself. From credit reports to tax returns, no financial stone will be left unturned - and that can lead to some startling discoveries regarding potential identity theft. Identify theft is rife, and can happen to anyone, ...

What Helps Determine If You Should File For Bankruptcy?

Posted By admin || 18-Jan-2012

Determining If You Should File For Bankruptcy Bankruptcy may be your best option if you have exhausted other debt reduction options and still find yourself falling further behind. Even if you have filed bankruptcy in the past, you may qualify to file again. If you are considering bankruptcy it is important to review outstanding debt amounts, understand what debt can be included in bankruptcy and ...

Do Married Couples Have to File Bankruptcy Together?

Posted By admin || 18-Jan-2012

Married Couples and Bankruptcy While married couples have the option to file jointly, either spouse has a right to file separately. Filing separately usually makes sense if you and your spouse have separate accounts with creditors before making the decision to file. There are a few issues to keep in mind that could affect your spouse if a bankruptcy filing is completed. Filing for bankruptcy may ...

Bankruptcy News: What to Do if a Creditor Harasses You

Posted By admin || 17-Jan-2012

What to Do if a Creditor Harasses You You've started the proceedings to declare bankruptcy some time ago - and yet your creditors are still calling you constantly. There's not a moment's peace from these creditors: if they're not contacting you by letter, they're contacting you throughout the day, be it at work or at home. It has come to the point where you're so sick of hearing from them that ...